Freight Planner Lists on Nasdaq And Raises $80M

Freightos, the Israel-based freight-booking platform that streamlines connections between hundreds of airlines, ocean liners, and trucking companies, goes public today and begins trading on the Nasdaq.

It’s developed an algorithm that simplifies the entire shipping process – real-time pricing, booking, and shipment management – so that it’s as easy as arranging a holiday online.

The digital marketplace, founded in Jerusalem in 2012, raised over $80 million in capital through the transaction, including $10 million from Qatar Airways, the world’s largest air cargo carrier, and $60 million from M&G Investments and The Prudential Assurance Company Limited.

Freightos, which oversees over $1 billion in gross bookings, had an estimated $19 million in revenue last year and says the new capital will allow it to scale up its business. Clients include Alibaba, FedEx, and United Airlines.

“Supply chains are fragile, and the last two years demonstrated how valuable Freightos is and can be,” said CEO Zvi Schreiber.

“The company had an outstanding 2022, despite declining freight rates and volumes, demonstrating the power of digitalizing one of the last large offline industries.

“We are delighted to have constructive partnerships with an increasing number of carriers, freight forwarders and importers/exporters who are committed to digitalization.”

Last year it arranged almost 700,000 digital booking transactions, up by 54 per cent on 2021.

Freightos is one of the few logistics companies to have gone public since the pandemic. One notable exception was the container carrier Zim, also an Israeli company, which closed a $217 million IPO in February 2021.